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over the debt ceiling. last night president obama declared he is not willing to debate congress on the borrowing limit. >> we can't not pay bills that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they will go back to school tomorrow. an open house was held this morning at a school in nearby monroe. they have refurbished it and making the classrooms look just like those in sandy hooks. they brou
, you are absolutely right especially with the debt ceiling. we have more work but after months of drama and tense negotiations, congress passed legislation to avoid the fiscal cliff. lawmakers did not meet the deadline and they didn't get the grand bargain that both parties clap was the goal there. was concern among -- a lack of spending cuts. the deal would shield income tax cuts for all workers earning less than 400,000 dollars a year and households earning less than 450,000 dollars. it prevents a tax hike on a state's -- estates valued at less than 5 34eu8ion and extends unemployment benefits for about 2 million people that were set to expire. now what it does not do is raise the debt ceiling. in two months the government will reach the limit on borrowing unless congress acts. the bill delays large cuts to the pentagon and other government programs. now although congress missed the january 1st midnight deadline by-passing the compromise deal in the house and senate, congress can try to take credit for retroactive tax cuts. >> i will sign a law that raises taxes on the wealthiest 2% o
. >> reporter: the president will be trying to reach a debt ceiling deal with a new congress. winners from the november election will be sworn in tomorrow. tara mergener for cbs news, capitol hill. >>> it is a small step to getting our fiscal problems in order, but only for a couple of months. the stopgap measure appears, however, to be having a positive effect on wall street. the dow above 200 points and both the nasdaq and s&p 500 are up. of course there is reaction from taxpayers. our surae chinn is on capitol hill with more information. >> very dysfunctional. >> it's exciting. it's a little frustrating there's some kicking of the can. > reporter: even those who work and live close to capitol hill are frustrated at the procrastination of congress passing a late night bill to avoid falling off the fiscal cliff. but there is some satisfaction. >> a relief and that the stocks are showing -- [indiscernible] >> more than 98% of americans and 97% of small businesses will not see their income taxes go up. >> reporter: but oliver says he's part of the small group who will be paying higher taxe
in exchange for raising the debt ceiling, so that's the next fight that the next congress will pick up once it gavels in at noon on the third. diane: we are watching charlie rangel speak as the house members go around and debate the fiscal cliff steal from the senate. i also wanted to talk about , thursday at noon, a new congress in session. the steel expires. what happens at that point? if we don't get a vote now it's kind of a done deal. they start from square one? rich: basically. in fact, if this does not pass this evening, if we don't have enough votes to get this through in your basically at square one. you have to figure out exactly how you're going to deal with tax rates that have gone back to clinton narrates a broadbased tax increases on nearly every one u.s. bank of . that's what happened tonight. as we were earlier in the evening, not sure they would consider this by noon on the third because that is when the current congress, the 112, expires. the legislation that passes, in both houses of congress don't pass a piece of legislation, all that legislation expires. yes and you hav
of the country. >> reporter: so in march another round of fighting as congress tackles the debt ceiling. sherrie johnson, abc2 news. >>> immediately after commenting on the house vote the president headed to andrews air force base in maryland and this is new video from overnight where he boarded the plane to fly to hawaii to rejoin his family. obama spent five days there before returning to the white house last thursday. >>> changes are coming to the health care for the coming year of 2013 the main is health insurance exchanges. they must be up and running by october 1st. only 18 states including maryland on thed to build their exchange. other things you need to watch out for, contributions to a flexible spending account is limited to 2500 dollars. you're allowed to deduct more unreimbursed medical cost when you file taxes but for that you have to itemize. >> 6:47. going back to school tomorrow could be tough for students and staff of sandy hook elementary. they are going back to class and they he won't return to the same building but will go to another school in a nearby town. desks and belongi
congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship. >> reporter: the payroll tax holiday expired. that means less money in most people's paychecks. the bill did not address that. on capitol hill, i'm tara mergener for cbs 5. >>> and stocks shot up sharply this morning on the first day of trading in 2013 jumping more than 200 points at the open. it is wall street's biggest rally in six months. things are still looking good at this hour. they are up about 237 points. now, economists caution that this euphoria in the markets could be short-lived as lawmakers now have to agree on the debt ceiling. >>> victims of superstorm sandy will have to wait for the next session of congress to get federal aid. that is unless house speaker john boehner calls congress back into session this afternoon. the house wrapped up its session late
addiction to spending. when the president comes to congress to request an increase in the debt ceiling, we added over a trillion dollars to the debt in the last year and he is going to want to do that again. he has maxed out the credit card. he wants a new credit card. he actually asked for one as part of this fiscal cliff deal without even a credit limit at all. senate said no to that. that is coming up in two months. melissa: is that leverage you have going forward. >> absolutely the leverage we have. melissa: this is where you draw the line. a lot of people are saying republicans caved that you had the leverage but everyone gave in in order not to go over the cliff but you think you have leverage to get something real done? >> much more leverage on the debt ceiling because congress would have to pass something to increase the debt ceiling. you know on january 1st, everyone's taxes were going to go up, all across the country. what we did, we made permanent the bush tax cuts for 99% of americans. they couldn't even make them permanent when bush was president himself. so i think that is a
he won't engage congress in a debate over the debt ceiling. >> we can't not pay bills that we've already incurred. if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. >> nbc's steve handelsman has been following the latest developments out of washington. >> reporter: the democrats and republicans up here on capitol hill, the president down at the white house, all know this may have been a magic moment. as tough as it looked, as awful as it looked to many in the u.s. and overseas, this might be the most cooperation we see on any taxes and spending dispute, at least in the next few months. just getting this far has been a long journey. president obama, who incidentally speaking of journeys came back here to washington for this fight and is already headed back to where he was which is a family vacation in hawaii. he campaigned for the better part of a year, won the presidency, promising tax hikes on individuals making $200,000 a year and more, and settled for double
with congress on the debt ceiling. that is going to inevitably happen and probably is starting today, right? >> well, i think the president has been very, very clear about that. certainly that won't prevent people from trying. it's the united states. people can say and do pretty much whatever they want, but look, the debt ceiling has been raised i think 30-plus times going back to when ronald reagan was president. there were no big dramatic negotiations. if people need drama, they should just watch more television. this is people's lives. it was about unemployment insurance. 2 million americans who lost their jobs through no fault of their own. their benefits stay in place. the members of congress are not worried about unemployment insurance. they have jobs, they have health care, so these are serious matters that affect people. the president kept in place tax credits for children to send their children to college and benefit companies for research and development, but we still need to make investments in infrastructure, in research, in education, and certainly taking steps to make sure our
ceiling discussion that congress is going to have which probably is going to be pretty ugly. >> yeah. i'm not too worried about march. i was more worried about getting the fiscal cliff because if, you know, nothing was done, we were hit with really high taxes everywhere. i just can't believe either the republicans or the democrats are going to stop government so that the social security checks cannot get printed up and sent to people. i think there's going to be a game of chicken, but at the end they are going to sign it. i don't think there's going to be a debt downgrade. you know, i didn't think that the downgrade of the s&p two years ago was real justified to begin with, so i'm not as worried about march. i -- i think this could be a 20% plus year for the dow and the s&p because i see that all the liquidity that the fed has produced, i think it's finally going to be flowing into the market, into the economy, into spending, and bonds, you know, which for a long time i've been saying, you know, interest rates are heading higher. i think this is the year where people finally say, hey, i
the president to work with congress to address over spending. >> and the debt ceiling. before leaving for hawaii early this morning, president obama urged congress to raise it. >> we cannot not pay bills that have already been incurred. if congress refuses to give the united states government the ability to pay the bills on time, the consequences for the entire global economy will be catastrophic. >> no word yet on when the president will sign the new bill. technically it was a day late, but the markets reopened this morning. from washington, i am tracy potts. >> reaching a deal on the fiscal cliff has not -- lawmakers on both sides of the aisle are pressing outrage after it the house adjourned without a vote on a bill providing aid to victims of superstorm sandy. representatives from both parties are calling ending the term without a vote inexcusable. >> absolutely inexcusable, indefensible. >> some lawmakers are suggesting the decision to forgo the vote was made because the affected areas are in blue states. >> we started this morning with a little bit of cloud cover. we have mostly sunny skie
offers tough talk over his next battle with congress, raising the nation's debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >>> while markets react positively to the fiscal cliff deal, and wall street is poised for a big day. but how else will the agreement affect your wallet? >>. >>> and a rose parade reunion. an american soldier home from afghanistan surprises his family in front of thousands of spectators and millions watching at home. captioning funded by cbs >>> this is the "cbs morning news" for wednesday, january 2nd, 2013. good morning, everyone. i'm terrell brown. >>> the economy avoided the fiscal cliff but just barely. the house late last night passed the senate bill that avoids the tax hikes and spending cuts expected to start this year. they raised the incomes of those over $400,000. it raises taxes on the portions of estates that exceeds $5 million, long-term unemployment benefits have been extended, and across-the-board spending cuts have been put on hold for two mont
," but if congress gets together, avert a fight over the debt ceiling and spending cuts, what would it take to take the rally and push it further, maybe break out some of the levels holding us back? >> really good economic numbers, real continuing decline of job markets, a big pickup in the housing market, increased, you know, growth over in china age the rest of the world, not this -- adam: we're getting it, but answering my own question, contraction in europe, and china's the biggest party there. doesn't look to happen. >> in addition to the four year cycle, post election, the worst of the four years, indication we're in the bear market, that takes a lot to drive us to significantly all-time highs. adam: bear klausing are out, thank you. >> thank you. cheryl: the next guest says we should have gone over the cliff to force congress to cut spending. president of pure center for urban renewal. what happened, though, to the markets, to the economy over the cliff? that would have been a big mess today. you still say we shouldn't have done it, why? >> it would have been a mess today, but not in six mon
're still investing too little in the things we eat. >> as congress prepares for another showdown over the debt ceiling, conservatives are criticizing the deal. a coalition of business and public leaders pushed hard for a deal to grow the economy. >> they can't solve these problems ahead of time and when they get the deal, it's not even a real deal. >> house speaker john boehner laurence state tirade of expletives that harry reid right outside the house speaker a dictator on the senate floor. you can expect more of that tension in the weeks to come. >> stay with us for complete coverage of the fiscal cliff deal and what could happen in the next few months. for more on the impact on you and your family, the 02 -- go to wjla.com and our social media websites. >> the other story is the failure of congress to come up with a comprehensive relief package for the victims of hurricane sandy. the governor of new jersey is angry at the house speaker for pulling the eight, calling it a trail. it comes after the senate approved a package on friday. chris christie called the move in the h
the government overspending. >> and the debt ceiling. president obama urged congress to raise it. >> we cannot not pay bills that we have already incurred. the consequences for the global economy would be catastrophic. >> no word when the president will sign the new bill. it was just in time for nervous investors as markets reopen this morning. tracie potts, wbal-tv 11 news. >> police are investigating two new year's days shootings. what happened on caroline street. a man was shot in the abdomen. police investigating a separate shooting in northwest baltimore that happened after 4:00 p.m. near druid hill avenue. a man was suffering a gunshot wound to the shoulder. >> for many, ringing in the new year was cause for celebration. there was a big party at a hotel that prompted three calls. jennifer franciotti has more details. i understand this ran the gamut of incidents. >> their credit been too many people. overnight, they answered three separate calls for a stabbing, a fight, and some kind of drug overdose. partygoers report having a great time at the atrium. there were about 1000 people at thi
obama, first off said that he refuses to have a debt ceiling fight with congress. it's really up up to congress because it's congress that passes an increase and republicans have a very different view on that. we have already started the debt ceiling fight a few minutes after the congress has passed a fiscal cliff deal. on top of that coming here from the president about the next round on deficit reductions, saying that he wants to have the wealthiest corporations and individuals take advantage of fewer tax loopholes. he asserted that his rate increase and now he wants to deal with loopholes and deductions. he says that he wants more spending and investments at the white house calls it on infrastructure and research and development and pretty much the same fight we have been having over and over again for the last four years. the president outlined his position. not really anything new. republicans have been outlining their position. mitch mcconnell is out with a statement saying that we need to get a handle on spending. let's get moving on spending reductions. so we now have the ne
the conversation is at this point. the debt ceiling is something congress has to vote on unless president obama does something we have never seen before. >> and republicans as we read the bottom of the screen, they are vowing to use the debt ceiling as leverage. is that going to work? do they have that leverage? we spoke with adam schiff and he said everybody has a little bit of leverage and everybody has to give a little bit. >> depends on what you mean by work. work for who? is it going to work to hold up a process where maybe they get more spending cuts? perhaps they will get more spending cuts in that respect. will it work for the party brand nationally? i'm not sure it will. the brand has taken a big hit with the debt ceiling fight and this one. i'm not sure it can get much lower nationally. for those numbers, they are not at risk unless they voted for that measure last night and would be at risk more of a primary. they don't have to worry about national elections. that's not what their concern is. on the politics, i'm not sure it works for everybody, especially house republicans on whethe
to the economy and the recovery. the debt ceiling is a separate issue. congress incurs bills, they have to be paid and the debt ceiling will not be a component of that negotiation. >> boehner said he got 98% of what he wanted. you heard republicans at the last minute say we want certainly like changed cpi, medicare cuts the president put a lot out there, upwards of hundreds of billions in cuts. are you worried republicans will ask for those in exchange for raising the debt limit? >> i will say again the debt ceiling is not going to be a component of these negotiations. the president has made that clear, the vice president in the caucus meeting made that clear. what is going to be essential and what will be an element is whatever we do going forward, the fiscal cliff deal that we passed last night is one step forward toward a balanced approach. the republicans need to understand that now we're not going to turn to spending cuts only. thing we do going forward is going to need to have balance, balance in revenue and spending cuts. there's still going to be more pain toward deficit reducti
of congress. >> right. >> why, then, are you so confident we need to raise the debt ceiling without getting cuts? why would you be satisfied is the question? >> see, i actually think whether it's republicans or democrats, we both grand standed on the debt ceiling, but it's a bogus issue. you buy a refrigerator, it's on the credit card, and the bill comes at the end of the month and it's above the self-decided limit on how much you'll pay on a credit card so congress is really pretty irresponsible in playing with the debt ceiling. a lot of collateral damage to the economy, but, in fact, congressional policy that preexisted when the debt ceiling hits, all required the spending to then be accommodated with the debt ceiling. >> what's the purpose of havinga debt ceiling? colleagues say u.s. is in danger of going the way of greece right now with being extremely over leveraged and experiencing credit shock with sky high interest rates, which to me personal surprise, we have not seen yet. higher today, but because there's a market rally. >> it's a fair question. there's only two countries that hav
have a month or two for congress to raise the ceiling on the amount of debt we as a country are allowed to maintain. and this could be a knockdown, dragout fight. the early view is that republicans will use the political moment to demand more spending cuts. in march both sides will probably go toe to toe over short-term spending to keep the government open. you'll recall the same fight almost led to a federal shutdown about two years ago. then we'll probably go another round in the fall when congress goes head to head over the 2014 budget and the same issues could come to the floor. this is not to mention the democrats and republicans still have to come up with some sort of deal on sequestration. the current congress kicked the can down the road on budget cuts during the last round of discussions on the fiscal cliff. now it's up to the new congress to come up with a grand bargain or find another creative way to kick the can down the road yet again. get ready for it. it's going to be a bumpy ride. >> seems like we go debt ceiling and then all these other ancillary kinds of things. you st
ceiling, that's a fight the congress still has to deal with, as the president made reference to paying those bills we already incurred. john boehner was able to gather together 85 votes in favor of this bill, overwhelmingly passed in the stat. not as much -- most republicans voted against it in the house. in the end they were able to get it past. not mentioned as much but something that limb pact a lot of paychecks, remember that 2% payroll tax cut we enjoyed in the past year? that's not a part of this bill. payroll taxes going back up 2%. you will feel that in your checks starting this month. >> thanks. here's a recap of how the drama played out on your new year's day holiday. after the ball dropped around 2:00 a.m., the senate passed a deal. 30 minutes later, the president released a statement praising the agreement. around noon yesterday, vice president biden meets with the house democratic caucus and tries to sell the deal. then the gop convenes, and we are learn that republicans may be staging a revolt, they want to add about $330 billion in spending cuts to the bill. now let's ta
to the hard bargaining set to begin within weeks when congress must look at raising the debt ceiling or risk the country defaulting on its loans. >> hearing now from the economist micki price, a former adviser to the british government. -- vicky price. >> what would happen in the next couple of months is there will be a lot of discussions and bargaining going on. first of all, the fiscal cliff and whether that can be avoided completely in a couple of months because maybe they will be able to raise the debt ceiling slightly. i think that is very important to happen. the second thing will be what happens on spending? there's quite a bit of spending already in the pipeline. the question is the u.s. has a lot of debt that is structural. there has to be long-term changes in terms of the way benefits have been paid and other issues in some of the long-term spending that has been taking place, which will need to be tackled in such a way that will need to be permanently lower. if the problem gets tackled, then they will come back to continue the crisis over the next year. and >> in the central afric
on domestic and military spending cuts expires and when congress must raise the $16.4 trillion debt ceiling limit to avoid default. >> save your powder for the debt ceiling fight. we have leverage at the debt ceiling to make this president face up to the fact that we're spending our way into oblivion. >> last night, the president warned republicans not to use the debt ceiling as a bargaining chip. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> nbc's kelly o'donnell is live on capitol hill. and nbc's mike viqueira joins us from the white house. kelly, let's start with you. you look remarkably well for what i can only mablg has been a rough last couple of days. >> oh, you're kind, chris, thank you. >> we rolled out kind of a basic nuts and bolts of the deal. give me a sense on what the mood is, how people are feeling? do people feel republicans won, democrats won? is there a winner in something like this? who got what they wanted and who didn't? >> reporter: well,
the profligate spending, especially entitlements, and nothing to fix the debt ceiling which was the demand of obama, and it does nothing to fix the fiscal cliff. >>guest: it answers the tax issue. it gets us beyond what the deadline was that was set by congress, some kind of slightly coherent way, the spending...it depends on your political views. some will say it is not and needs to be protected. others say it needs to be dramatically cut. what needs to be addressed is the fact that medicare, social security, will not be able to pay for themselves in the coming years. some method of constraining the costs or altering the revenue that funds them has to be deviced. >>gregg: during the president's four years we have gone from $2.9 trillion in spending to $3.8 trillion, which is 30 percent increase in spending. by any definition that is profligate spending. >>guest: the president's office would say, he inherited two wars that were immensely expensive, he inherited a bad economy that was difficult to get out of. >>gregg: the president promised the middle class would not see taxes go up. he did
borrow, unless congress raises the so-called debt ceiling. an automatic, across-the-board cuts to the pentagon and other agencies, are only to be delayed for two months, setting up another from fiscal cliff on march 1st. congress has adjourned. and late last night, after midnight, the president left for hawaii to meet with his family. and hopefully, he thinks for a few days' vacation. >> you mentioned the breathing per feelings got raw at the last minute. >> reporter: it got really nasty. politico first reported on friday when the congressional leaders met here at the white house, speaker of the house john boehner told the democratic leader, harry reid, off, use uhhing language i can't use here on "good morning america." >> you can't even paraphrase. >>> let's look at what the deal means to you at home. lots of paycheck changes right now. and bianna golodryga is at the smart screen to break it down. about 99% of americans protected from an increase. but most workers will take a hit. >> payroll taxes going up. this affects everyone making $110,000 or less. so, this year, anyone
congress have to deal with the debt ceiling next month. they also have to deal with the sequester, remember that series of cuts in federal spending that will reduce most budgets about 8% to 10%. last night's deal basically kicked automatic that down the road. and then there's also the budget so-called continuing resolution, and congress has to pass another budget so that our entire government just doesn't shut down on us. if congress doesn't get its act together fast we'll be in a similar situation before we know it. the congressman-elect from florida joins us. my first question, sir, is are you looking forward for joining this group of legislators, given this despicable state of paralysis. >> this is a new congress i'm joining. the 112th congress, this is definitely disheartening, but it's not a surprise. the new congress, about 90 new members, all elected on a message of bipartisan, so the freshmen i have met all want to do something big, we want to do the big choices, so i'm excited to join this congress. >> what do you consider one of the big choices? everything will have to hurt. where
. >> and the debt ceiling. before leaving for a whole lot president obama urged congress to raise it. >> we can't not pay bills that we have already incurred. the consequences for the global economy would be catastrophic. >> no word when the president will sign the new bill. it was a day late but it was just in time for nervous investors as markets reopen this morning. tracie potts, wbal-tv 11 news. >> county police had a busy new year's morning. officers responded to three separate calls. >> jennifer franciotti is live outside the crown plaza hotel with more details for us. >> do you think it happened just after 1:00 a.m. we know that police are still investigating but it could be a matter of too few security guards. this hotel hosted a new year's eve party. >> they did it at a hotel so you can get a room and drink and not worry about driving home. none of that. do you know what i'm saying? they did a good job of putting this together. >> about 1000 people in the atrium. >> a lot of different promoters getting together to throw a party. we are still here. we are about to enjoy the rest of our
when the debt ceiling comes up and when the sequester in two months expires. >>neil: we will go do the brink again. why, when there is not a deadline, can't we get something done ahead of it? >>guest: congress has never been able to act or rarely acted through the decades without a hard deadline. unfortunately, the fiscal cliff was designed specifically to force action because congress never would have made the difficult decisions if there were not a hard deadline and the debt ceiling provides another deadline so i don't think we should remove that from congressional authority. congress needs to have a say whether the debt ceiling is raised. this should not be policemen -- not be political leverage. >>neil: you are a decent man, congressman, with enormous integrity and hope springs eternal your d.n.a. is left in congress. thank you for your service and all you have done. >>guest: thank you, haunt new year. >>neil: ahead of the swearing in, and consideration of the new members, after the the vote last night, one member said no one should keep their job in congress. you are steaming
. >> save your powder for the debt ceiling fight. we're spending our way into oblivion. >> i will not have another debate over this congress whether or not they should pay the bills they've already racked up. >> the bill as amended is passed. >> 89-8. that is absolutely historic. >> new year's eve produced by a bunch of sleep deprived doctrinenaraians. >> it reminds me of the jokes where someone stopped hitting you in the head with a hammer and you're supposed to say thank you. we created this monster. >> the yeas are 267. the nays are 167. >> so we have this totally dysfunctional senate. therefore a dysfunctional congress. >> it's not a violation. >> technically these are still tax cuts? >> correct. >> a hopefully the new year will focus on less drama, not scare the heck out of folks quite as much. >> let's get right to our panel here with me are krystal ball one of the hosts of msnbc's "the cycle" and jimmy williams an msnbc contributor. krystal, the fiscal cliff fight may be over but we heard many of them looking forward to a debt ceiling fight where medicare and taxes will be fought ov
ahead over spending cuts. whether to raise the debt ceiling. the bill congress passed delays automatic spending cuts from going into effect for twotw months, and didn't deal with the debt ceiling, many republicansrp are hoping for a bigger deal. >> i think that the president miss ad great opportunity, oneop of leadership, he has been re elected, he has four years left. and this will be part of his legacy, the failure to step up and do the big thing when he could. >> president obama promising to deal with the spending cuts, and yesterday, he warned republicans about getting into another political squabble. so how do average americans feel about the fiscal cliff deal? beth parker stopped by locallo diner where customers were dishing their thoughts. >> and how do you want youry eggs? >> reporter: they are working 24 hours a day at bob and edith's diner in arlington. the customers which congressi would do the staple. >> i'm really upset with congress right now.ig i just feel like it's a complete failure. >> reporter: they watched thethe nation edge towards the fiscal cliff. >> i've been in
me, too with the debt ceiling. >> reporter: the last time congress fought over the debt ceiling america's credit rating was downgraded. the fiscal cliff deal did not save the social security payroll tax cut. so many americans will still pay higher federal taxes this year. on capitol hill danielle nottingham, lesli, back to you. >> thank you. we'll talk a bit more about what this means for most of us. first the good news, most americans' tax rates are not going up, but now your paychecks will be a little smaller starting with the next one. andrea mccarren joins us live from our satellite center with more on what to expect. >> the payroll tax holiday is over now. so the rate is going up from 4.2% to 6.2% and that increase will affect virtually everyone who has a job. >> i guess i won't be getting my nails done and hair done. >> reporter: just weeks ago we asked self-described middle class taxpayers what more they could sacrifice. >> everything that's in my life is a they. >> because i don't have -- is a necessity. >> because i don't have any more to give them. >> reporter: but n
with that debt ceiling debate at 20%. back to you. >> melanie, thank you. >> so congress's action means the income tax for most will not go up but you will definitely see another tax hike this year. >> sarah is back with us to explain that. >> we kind of forget about all this that there is a tax hike that is going up. the payroll tax. this is the amount taken out towards social security. for the past two years it was reduced to 4.2% in order to give you a break in the tough financial times. the fiscal cliff bill passed last night did not include an extension of the payroll tax hike. now it goes up to 6.2%. here's what this means. a household earning $50,000 a year will see paychecks cut by $1,000. for workers making $110,000 a year which is the maximum wage subject to the payroll tax, that's $2200 less that will be coming home. numerous financial analysts say this could be a big hit to the economy. they add that it is likely a surprise to many americans who had mostly heard about income tax rates during all the fiscal cliff talk. now, there is some good news to share with you this morni
. to avoid this fiscal cliff congress set up new ones. two ones they will have to deal with the automatic spending cuts. there lab nasty fight over the debt ceiling. last night president obama said he's not willing to debate congress on the borrowing limit. >> we can not not pay bills that we've already occurred. >> reporter: karen travers, abc news, washington. >>> for all of you holiday eaters, cot overweight actually be better for your health? we'll tell you about the recent study which suggests you may not want to lose those pounds. >>> and how the stievers of sandy hook are moving forward. >>> listen up if you're trying to lose those extra holiday powbd -- pownlsd. researchers found having a higher bmi may have a slightly lower chance of dying. those slightly overbeast were not much greater than a normal rate. now don't get too excited, though. experts warn the study does not prove that being overweight is a good thing. >>> scientists say for the first time image tests show fructose can spark brain images. women who spent eight weeks practice -- eating fructose, the brain doesn't reg
have a month or possibly two for congress to raise the ceiling on the amount of money we as a country owe or are allowed to maintain. this could be a knock down, drag out fight. the early view is that republicans will use the political moment to demand more spending cuts. in march both sides will probably go toe to toe over short-term spending to keep the government open. you'll remember the same fight almost led to a federal shutdown about two years ago. then we probably go another round in the fall when congress goes head to head over the 2014 fiscal budget. and the same issues could come to the forein that -- forein that fight. not to mention the congress has to come up with a deal on sequestration. they kicked the can down the road. now it's up to the new congress to come up with a grand bargain or find some other creative way to kick the can yet again. do not expect these problems to go away just because we have this tax deal in hand. >> how do we still have a can left? it's been kicked so many times. >> holes in it for sure. >> it's amazing that the treasury secretary actually g
.s. government will hit what is known as the debt ceiling, the limit for borrowing and only congress can raise it. for americans braving the january chill, frustration with politicians and resignation that they will soon have to go through all over again. >> i think it is ridiculous, i think the congress should be doing their job, not waiting until the last minute. >> it is not over with yet. they have another couple of months to debate things. once they figure it out, they will come to a decision which we hope will be the best interest of the country. >> this extraordinary new year's drama has played out as barack obama prefers for his second term. a second term in which you would like to achieve big things on immigration reform, climate change, and gun control. it is clear with a bitterly divided congress come none of it will come easily. >> for more reaction from capitol hill i spoke a short time ago with republican congresswoman marcia blackburn of tennessee and 1 of her colleagues that voted against the bill. the stocks have had their best day in over a year. that might have been a different
of haggling at the beginning of march. the u.s. government will hit what is known as the debt ceiling, the limit for borrowing and only congress can raise it. for americans braving the january chill, frustration with politicians and resignation that they will soon have to go through all over again. >> i think it is ridiculous, i think the congress should be doing their job, not waiting until the last minute. >> it is not over with yet. they have another couple of months to debate things. once they figure it out, they will come to a decision which we hope will be the best interest of the country. >> this extraordinary new year's drama has played out as barack obama prefers for his second term. a second term in which you would like to achieve big things on immigration reform, climate change, and gun control. it is clear with a bitterly divided congress come none of it will come easily. >> for more reaction from capitol hill i spoke a short time ago with republican congresswoman marcia blackburn of tennessee and 1 of her colleagues that voted against the bill. the stocks have had their b
march. congress has to increase the debt ceiling or we will default, the u.s. will default on its obligations. that can't happen. the other thing is the spending cuts that you mentioned, they're only now averted for two months so congress has to deal with that and then the other thing is there's sort of a chunk of things that congress wants to deal with that the president wants to deal with that they'll attach to the things that have these hard and fast deadlines dealing with the long-term fiscal health of the country through entitlement reform, social security and medicare and tax reform. it is a lot to accomplish in the next couple of months >> as we look toward, down that long road, tell me, brianna, some of the winners and losers from this whole thing. >> this is obvious some of the losers are obvious, if you earn $450,000 or more than that you'll see your taxes take a hit, $400,000 for individuals. if you itemize deductions and making as a couple $300,000 or more or as an individual, $250,000 or more, you will see your pay take or your income take a hit there. you'll see that
and extend unemployment benefits. it does not raise the so-called app ceiling. in two months, government will reach its limit on borrowing unless congress acts. it only delays large cost the pentagon and other government programs. in march we may see another round of fighting. president says he hopes congress can get a deal done with a little less trauma. >> another blow in the effort to get aid areas -- aid to areas devastated by hurricane sandy. back on friday, the senate approved more than $60 billion measure to help recover is on the storm. house appropriations committee drafted a smaller $27 billion measure and the vote has been expected before congress's term ends thursday. >> secretary of state hillary clinton spent the first night of 2013 in a hospital, recovering from a blood clot. they are using blood thinners to break up the clots behind the right year. the plot-- the clot was discovered during a follow-up exam for concussions she sustained last month. it is not clear when she will leave the hospital. >> two men accused of brutally beating a d.c. man are back in court again to
spending cuts first. president obama says congress has an obligation to raise the debt ceiling. and that is not negotiable. >>> just days after u.s. officials blame the popularity of apple devices for a rise in crime, there was a heist in paris. armed robbers hit the main apple store there after it closed. they got away with more than $1 million in apple product, such as the iphone 5. $1 million worth. >>> but the iphone 5 is so last year, apparently. apple seems to be getting ready for this year. there's signs we could see another tim cook announcement this spring for an iphone 6. developers are seeing markers left behind by new devices left at apple headquarters. those markers say iphone 6. >> bigger, faster, stronger, everything. >>> and poor warren buffett, no longer the third-rich et billionaire. the bloomberg billionaire inthe exsays amancia ortega has a net worth of $57.5 billion. second-richest is bill gates with $63 billion. and number one is mexican telecommunications magnate carlos slim, with $75 billion. buffett falling to fourth. >> you are fifth on that list, righ
down to the debt ceiling that the chairman just referred to, president gave a warning to republicans. watch this. >> i will not have another debate with this congress over whether or not they should pay the bills they've already racked up through the laws that they passed. let me repeat. we can't not pay bills that we've already incured. >> sounds like he's pretty strong and stern on that. what dooungs, governor? >> he is and he ought to be. the last time, it was an international disgrace, not just a national disgrace, but an international disgrace. we shouldn't play politics with that. we owe this money. we've got to pay it. we've got o to have the funds to pay it. i think the sequester comes up in two months, probably a week or two before the debt ceiling. we're going to have to have some resolution of the broader problem. what the president should do when he gets back from hawaii, call the congress and the congressional leaders and let's get to work on the grand bargain. the big deal. and the big deal is going to require, as chairman cleaver said, more compromise. on everyone's be
cuts to the pentagon and other agencies will be in up in months. and the debt ceiling deal will be reached in two months if congress does not act. jim moran is not confident working out a deal will be easy. >> just increasing the deficit by $3.90 trillion, which will now force us to dramatically street the size of government and that will have an adverse impact on the washington area. >> the president returns to hawaii, so it's not clear when he will sign the bill. brianne carter reporting. >> secretary of state hillary clinton continues to recover from public clocked at a new york hospital. she was last seen in public three weeks ago before she fainted and was fossilized with a concussion. doctors ran some scans which revealed the blood clots between her brain and her skull. the good news is they say there will likely be no long-lasting neurological damage. >> today is the first day back to school for the students of sandy hook elementary. there are attending open house at every purpose of building in monroe conn. will start class tomorrow. workers and teachers have been g
will not have -- debt ceiling. >> i will not have another debt over this congress over whether or not they should pay the bills they've already racked up. >> reporter: and maryland's chris van hollen, the ranking member of the democrats on the budget committee, expects the president will stand firm. >> we should not be playing any political games with the debt ceiling. that is the economic equivalent of a nuclear weapon. it would make this whole idea going over the fiscal cliff look like a cake walk. >> reporter: but many republicans think it is the next best chance to control the cost of medicare and social security. bruce leshan, 9 news now. >>> wall street showed its approval of the bill with a big gain today. the dow closed up 308 points. among the provisions tucked into the 150 page bill, an estimated $222 million in extended excise taxes for the rum industries in puerto rico and the assever engine islands and an estimated 4 -- and the u.s. virgin islands and an estimated $400 million intax deductions for the u.s. film and tv industries. >>> a piece of the federal transi
is hitting the date ceiling. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. far worse than the impact of a fiscal cliff. >> reporter: and while things look good upon wall street today, investors say don't get used to it if congress remains so divided. live in washington, kyla campbell, ktvu channel 2 news. >> we have much more on last night's fiscal cliff vote on our channel 2 website. go to ktvu.com, click on the tab right there on the front page. >>> happening right now, some members of congress are now on the floor of the house of representatives calling for a vote on legislation to help the victims of superstorm sandy. those lawmakers are furious because the republican house leadership ended last night's session without voting on the sandy bill. new york congressman peter king calls it a cruel knife in the back. >> i have to go home this weekend and next week and the week after and see the hundreds and thousands of people who are out of their homes, who don't have s
passed in congress does not address, among other things, the nation's debt ceiling which we have already hit setting up the next economic dialog to be played out the coming weeks. here you thought the fun was over. it congress does not raise the debt ceiling the federal government will not be able to pay its bills and here is a look at the situation when the president took office and today, when it comes to the national debt. in january of '09 the debt stood at 10.6 trillion dollars, and by the end of the president's first term, the national debt has risen to more than 16.3 trillion dollars. that's about a 54% increase in over four years. but while the president acknowledges that the deficit and the debt are too high, he warns he is not budging when it comes to another debt ceiling increase. >> while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up through the laws that they passed. >> the president hasn't had a budget in his entire presidency, no matter who was in charge in
was done yesterday is that was repealed by the congress, certainly a positive. on the debt ceiling, i think early -- i'm not going to talk to you guys about the debt ceiling is a real mistake. the house, those individuals are independently elected, not children, elected officials in the united states and they have to come together, as they did last evening and the day before, to address some very very serious short term problems. we avoided an embarrassing calamity. there's a disaster down the road and hopefully the president will be at the head of the table and not have a surrogate do his negotiating. >> governor rendell, we're seeing criticism of the fiscal cliff from both sides. i saw some criticism from the far left about not wanting to make permanent the bush tax cuts, et cetera. i would imagine your criticism would not come from the far left, you probably would criticize us like a republican. are you troubled by the lack of any spending restraint? >> sure. the campaign to fix the debt i am co-chair with greg judd and mike bloomberg, we are disappointed like many americans are. frank s
'll have the conversation with them. maria, the president saying i'm not getting into a fight with congress about paying for the bills that we've already run up. that's is a direct reference to the debt ceiling that was hit yesterday. he's saying he's not going to have a debate. here's my problem with that. he shouldn't have to. the debt ceiling is a stupid technical thing that only exists in america and the law really has to be changed. it's as simple as that. people think this is very simplistic, you should have a credit card limit. in other countries, you pay for a law as you make that law. it's a silly thing. but for the president to say he's not going to have a debate about it, he is going to have a debate about it. apparently we debate about everything. >> if the president says it's a certain day, republicans are sure to say that it's not that day. look, yes, there will be a debate. i think what he was talking about, though, ali is we're not going to get to the brinksmanship and i think he hopes and all americans hope we don't get to the point where we were the last time we had the si
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